Through the first eight months of 2008 closed sales are down 14.1% by 409. One month was up, one even, and six of the eight months sales declined.
For the year sales pending are down 13.6% by 490. The median sale price has fallen to dead even with 2007. The average sale price is up 3.8% by $4744.
The inventory of homes listed for sale continues to run at record levels with 1970 available today. That represents a 6.4 month supply of homes for sale at the current pace of sales.
There you have it, straight forward with no sugar coating. This is the slowest housing market for selling a home in the Springfield Illinois market since 2001, following four years of record setting sales.
What if you must sell your home? You had better do your homework, hiring an experienced agent who has proven marketing systems, and one who will be honest with you about price. The inexperienced agent will struggle with pricing, the agent needing a listing will tell you what you want to hear, and 99% of the agents won't know enough to recommend a pricing plan.
The homes that are priced the best for their condition, location, and amenities will sell. The others will have to wait until 2009. Of course there are exceptions to every rule, there will be a few lucky home sellers, which reminds me what car dealers say; there's a butt for every seat.
With consumer confidence lagging due to high prices, especially at the gas pump, and grocery store it sure doesn't help when the media continues to poison the well.
Thank God only 25% of people now receive their news from print media. The Business section of today's (9-6-08) State Journal Register would make you think it's 1929 with people jumping from the ledges!
Here's what I refer to: main headline, huge and bold; "Foreclosures not contained". Read the story. You'll notice the story includes people behind on their payments lumped in with actual foreclosures.
What a crock. And publishers wonder why newspapers are becoming extinct? Slanted reporting with an agenda is not what people want to read. What happened to objective journalism?
Oh there's more, second largest headline; "Jobless rate climbs to 6.1%, unemployment hits five year high". The truth it is, however nowhere will you read; "following five years of record low unemployment", or "unemployment less than half of other countries". Purpose driven reporting maybe?
Oh, there's more; small side article with bold but tiny header; "Oil price falls to $106.23". Read the article. The lowest price since April. This is good news folks. Why has the economy struggled? The pull back in consumer spending due to families paying the cruel tax of higher gas, energy, and food prices.
No where will you read about falling interest rates. With a record number of homes for sale, home prices trending down, and falling interest rates, now is a great time to be a buyer of Springfield Illinois real estate.
If the local paper had an inkling of desire to help the economy the main story should have been; "Falling gas prices and interest rates good news for consumers!".
This economy will rebound when people can keep more of their hard earned dollars to spend on something besides filling up their cars with gas, paying through the nose at the grocery checkout, paying the electric bill, and the soon to come natural gas bill. Who can blame families for pulling back? Some can't afford to buy anything else, while those who can afford to, don't. Negative headlines and slanted stories exacerbate the perception all is bad.
So congratulations SJR, in my opinion you are part of the problem, certainly no part of any solution to a slowing economy. The September 6 edition is proof positive.
If the State Journal Register continues to do everything they can to create a negative psychology within the economy, then they will be contributing to their own demise! Adios print media.
This is a shame. I enjoy reading the paper with my morning coffee. At least when there is objective journalism.
Not everyone is upset that home sales are dropping sharply in some markets. Sellers, realtors, and mortgage lenders are, but buyers certainly are not part of that group. Years of overheated housing markets have taken their toll as home prices have surged, locking thousands of buyers out of the market. If you are looking to purchase your first home, then a slow moving market can work to your advantage if you follow the tips outlined below.
Know Your Market: Now is not the time to rush in and buy a home. In years past, many buyers did just that and bidding wars broke out that pushed home prices up by the tens of thousands of dollars. Sellers won and buyers were saddled with more debt that they needed. Relax: with less people in the market to buy, you can sit back and truly explore the housing market to find a home at a price you can afford.
Get Approved: Do not rely on a prequalification from a realtor when searching for your home. A realtor prequalification do absolutely nothing. Instead, search for the best mortgage financing deal available and secure your financing at a competitive rate. Lock that rate in for 90 days and then go shopping for a home. Oh, take that approval letter with you when you shop and you'll have plenty of leverage with the buyers.
Negotiate: The longer a home is on the market, the more likely an owner who must sell will be in the bargaining mood. No, you may not be able to get them to whack the price of their home. However, you could have them throw in window treatments, a refrigerator, or some other important appliance you would have had to shop for once you moved in. If the local market has turned particularly sour, ask for the owner to pay your closing costs too.
Seller Financing: If you have difficulty obtaining a mortgage, consider asking the seller to hold the mortgage for you. If not receptive to this option, ask if they would consider allowing you to rent/lease for one year with an option to buy later on. Determine the selling price one year down the road and ask them to set aside some of the rent money for your down payment.
Yes, buyers are in the driver's seat the first time in more than a decade in some markets. Place the game right and you could walk away with a deal that simply cannot be beat.
Both Fritz Pfister & Adam J. Heist are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Fritz Pfister has sinced written about articles on various topics from Real Estate, Prospects and Sell Home. Fritz Pfister is a licensed Realtor with RE/MAX Professionals Springfield Illinois.Fritz is a leader in the local real estate market and hosts a live one hour radio program, now in its' 13th year.Fritz's website is. Fritz Pfister's top article generates over 3600 views. to your Favourites.
Adam J. Heist has sinced written about articles on various topics from Finances, Credit Cards and Finances. Adam Heist is the owner of the Loans website. At their website, you can learn more about Homeowner Loans as well as many other things relating to the industry. We encourage you to visit our site today and see what we have. Also chec. Adam J. Heist's top article generates over 1830000 views. to your Favourites.